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Hariom Pipe Industries has received market regulator -- Securities Exchange Board of India’s (SEBI's) approval to raise Rs 100-120 crore through initial public offer (IPO). The company, which filed the draft red herring prospectus with the SEBI in September, got the regulator’s approval on January 25, 2022.

Net proceeds from the initial share-sale will be used to fund its capital expenditure, working capital requirements besides expenses for general corporate purposes. ITI Capital is the sole book-running lead manager to the issue.

Hariom Pipe Industries manufactures steel products. The company provides iron and steel scaffolding systems, pipes and tubes, strips, coils, billets, and other related products.